"El Presidente" David Portnoy announced in Times Square Thursday that Peter Chernin and The Chernin Group will assume majority ownership of the site, which revolutionized Internet blogging.

Portnoy said in the video above that he will still be in charge of content, which Barstool readers better hope is the case. Chernin is the guy who brought us "New Girl" on the FOX Network as well as "Ben and Kate." He also produced Parental Guidance, which starred Billy Crystal and Bette Midler. It was billed as a comedy.

Barstool's loyal fanbase reacted the way it always does whenever Portnoy makes a grand announcement.

"Well this is bulls****. Was fun while it lasted. #SELLOUT," wrote SkeetSkeetSkeet.